Retail heavyweight Daniel Agostinelli and his wife Lynette have paid more than $20 million for an off-the-plan Toorak penthouse atop developer Orchard Piper’s yet-to-be-built One Toorak Place, setting an apartment record for the ritzy inner-east suburb of Melbourne.

Backed by NPACT – a partnership between billionaire businessman James Packer and former Crown Resorts executive director Todd Nisbet – the project will be built on the site of a former Mercedes Dealership on Carters Avenue, purchased for $67 million in 2022.